Koptiev Family Purchases Retail Property On Queens Boulevard From Kenneth Schoellnast For $16.25M

This retail property, located at 40-02 Queens Boulevard & 40-18 Queens Boulevard in Sunnyside, has a sale price of $16,250,000. The total square footage of the asset is 19,200, with a price per square foot of $846. Additionally, the building has a basement area of 80,000 square feet, resulting in a price per basement square foot of $203.

The property has been under the ownership of the Schoellnast family since 1929, marking nearly a century of their ownership. The deal saw the Koptiev family coming in with the highest offer and strongest terms, culminating in an all-cash closing in under 90 days. The transaction was handled through a completely off-market process, with the brokers highlighting the rarity of such properties trading in Queens.